Hartford Courant | July 5, 2009

Dr. Shabnam Lainwala knew little about Connecticut when she and her husband, Vijay Murthy, began hunting for homes in June 2008. The neonatologist and her IT-executive spouse were relocating from the Boston area and wanted a community with a cosmopolitan feel, good schools and close proximity to Connecticut Children's Medical Center, where Lainwala, 43, would work.

West Hartford seemed a good fit, but the available homes then had small yards, needed too much work or exceeded the couple's $800,000 price cap.

Eventually, to their surprise, Lainwala and Murthy, 47, found the right house and neighborhood in Devonwood, a wooded subdivision in Farmington known for its million-dollar homes.

"Vijay saw it first and said, 'OK, you've got to see this house,'" Lainwala said of the 3,303-square-foot colonial.

Built in 1986, the home had the convenient location the couple wanted. It also featured an open floor plan they liked, updated fixtures, hardwood flooring and a redesigned kitchen. But with the $750,000 list price at the upper end of their budget, Lainwala and Murthy decided to keep looking.

Months later, when they looked at the house again and found the price had been reduced, they pounced. Their offer of $707,500 was accepted, plus a $1,500 credit.

"It was a phenomenal deal," said Rob Giuffria, a broker with Prudential Premier Homes and director of the firm's Farmington-based relocation service. "The median price in Devonwood is $950,000, and the range is $850,000 to $1 million. ...This was exceptional."

The house is well suited for entertaining and can comfortably accommodate their parents, who visit annually from India, Lainwala said. Murthy's 10-year-old son also has plenty of room to grow, and subdivision regulations limit the number of trees owners can cut down.

"We like that," said Lainwala. "That was really a plus for us. It preserves the natural appearance."

There is traffic on Route 4, but coming from Boston, they are used to that, she said. Grocery stores are close, West Hartford isn't far and the commute to Hartford is 35 minutes in the morning and about 15 minutes on the return trip at night.

The house could easily fetch $800,000 or more once the market improves, Giuffria said. But Lainwala said she and her husband have no plans to sell any time soon. "We wanted to kind of settle," she said. "We hope to stay here for a long time."

- Loretta Waldman, Special to The Courant

FARMINGTON FACTS:

25,227

· Population (2008):

· Median single-family home sales price (Jan.-May 2009):

Right House, Right Place, Right Price: Sales Soar In Farmington Development

When JFC Endeavors held an open house one weekend in May for its new 45-unit housing development in Farmington, it hoped to sell two, maybe three homes.

By the time staffers locked the doors of the model home that Sunday night, they were stunned with their tally: 10 homes sold.

It didn't end there. Two weeks later, the first phase of Langdon's Quarters, as the new community is called, was sold out, with 19 homes purchased. There are at least a dozen people now on a waiting list for Phase 2, which isn't expected to begin for at least six months.

The pace of sales was so fast and unexpected that the company had to shut down its sales office for a short time and tell real estate agents they couldn't accept any more business. JFC also raised prices four times, and the homes, which started at $419,600, now cost $20,000 more.

"We were completely, completely shocked," said real estate agent George J. Santos, who is working with JFC Endeavors to sell the homes, in the Unionville section of Farmington. "We knew we had a good product. We knew we'd do well. But we never, ever expected to sell out this quickly."

Is the housing crisis over?

Not so fast, agents say.

The quick success of Langdon's Quarters does not herald a return of multi-bid offers and houses selling for tens of thousands of dollars above the asking price, conditions that were common in the housing boom of the early 2000s.

Instead, the success of this development seems to be the result of the golden rule of real estate: the right houses, in the right location at the right price. It is a formula that always works, the real estate agents said, even in a down housing economy.

"People really want new construction, and this is new construction that is affordable," said Linda Frankl, an agent with RE/MAX Advantage in Avon. "And $420,000 in Farmington is affordable.

"In this market, price is always the deciding factor," she said. "Things will sell in this market if they are priced right."

She did, however, pause for a moment of incredulity.

"It's extraordinary. It's especially extraordinary in this market," Frankl said. "And it's wonderful."

Rob Giuffria, an agent with Prudential Premier Homes who specializes in relocation, said there is pent-up demand for new construction in the Farmington Valley for something priced at just above $400,000 because many of the new homes built in the area come with typical price tags of $700,000 or more.

"To get into Farmington in a new home under $500,000 is a win," he said. "There's just not that much new construction in that area that's under $500,000."

He said the developer had priced the models well, with a base price of $419,600, an attractive starting point. But it is still just a starting point, Giuffria noted.

"That's for three bedrooms. If you add a fourth bedroom, plus other upgrades, you are inching closer to $500,000," said Giuffria, who has seen the new development and brought clients there. Granite counters are standard in the kitchen, for example, but cost extra to add to the bathrooms.

For Alison Murphy, the homes in Langdon's Quarters were priced just right, even with some of those extras. She was among the first to sign a contract to build a new home there.

"They started out pricing them low, which was really smart," said Murphy, who lives nearby in Farmington but has outgrown her home. "This is a builder with a good reputation, and they don't build enormous, huge houses, like the majority of houses that go up in Farmington. People can't afford those $800,000 houses right now."

She said her family, including five kids, wasn't necessarily looking to move immediately but was drawn to the new homes. The developer is custom-designing the family a four-bedroom home.

"We knew we would eventually be moving, but we are doing it now because of this development," she said. "As soon as we heard about it, we said, 'OK, where do we sign?'"

By ROBIN STANSBURY | Special to The Courant | June 2, 2009

Rapper 50 Cent's 50,000-square-foot Farmington mansion is located on 17 acres and has 19 bedrooms and 37 bathrooms, as well as a gym, a disco with a 'dancing' room complete with stripper poles. (Keller William Realty / June 1, 2009)

Rapper 50 Cent's opulent Farmington mansion - priced at more than $14 million - is off the market after nearly two years and no buyers, according to local real estate agents.

The home, which the famous rapper bought in 2003 for $4.1 million, was for sale for 722 days, first with an asking price of $18.5 million. Late last year, the asking price was dropped to $14.5 million in an effort to attract more potential buyers.

In May, the listing contract with Keller Williams Realty's Ridgefield office officially expired, and the property has not yet been re-listed for sale, an agent familiar with the estate said. Keller Williams agents could not be reached for comment Monday.

The 50,000-square-foot mansion on 17 acres has 19 bedrooms and 37 bathrooms as well as a gym, billiard rooms, racquetball courts and a disco with a "dancing" room complete with stripper poles

Past owners of the home include boxer Mike Tyson and real estate swindler Benjamin Sisti, a founder of Colonial Realty, who initially built the estate in 1987.

After 50 Cent (whose real name is Curtis James Jackson III) bought the property, he spent an estimated $10 million on renovations, including a 40-person hot tub inside a grotto.

But even with all those features, the price tag is just too steep for a home in the Hartford area, away from the celebrity world of New York City or Los Angeles, local real estate agents say.

"The house is not worth $1 over $5 million," said Prudential Premier Homes agent Rob Giuffria. "Celebrities often overvalue a house, so they keep dropping in price. That home in that location is not worth anywhere near $14 million and it will never sell for that, no matter how long you leave it on the market."

Buying Your First Home - Farmington, Connecticut

Purchasing a home for the first time can be a very stressful and complicated process. Enlisting the services of experienced real estate related professionals will provide you with the information and advice to make sound decisions. Buyers often interview mortgage loan officers, Realtors, attorneys, home inspectors, accountants and financial advisers during the process of purchasing a property. Information regarding the home buying and selling process, demographics, commuting, school and relocation information can be found by visiting

FARMINGTON CT REAL ESTATE

Financing

Most home buyers will obtain a mortgage to purchase their home and there are numerous first-time home buyer financing programs offered by state agencies, local banks and national lenders. A common source for mortgage funding is the FHA (Federal Housing Administration). The major benefits of their programs include low down payment options (can be gifted by a family member), flexible qualifying, assumable mortgages, and rehab financing.

In 2009, there are four major reasons to consider purchasing your first home:

1. First-time home buyer tax credit of $8000 (for qualified buyers).
2. Historically low interest rates.
3. Affordability - declining values in the past three years provide exceptional price offerings.
4. Tax benefits - current tax law favors owning a home over renting.

The Home Search

Consumers in Connecticut have the option of hiring a real estate agent to represent them in "buyer agency" and this is disclosed in a "mandatory disclosure form" required by state law. The agent has a fiduciary responsibility to represent the buyer's interests instead of the seller's. Interview two or three agents to determine their qualifications before signing an agency contract.

Your agent can assist you in searching for a property through the Farmington CT MLS (Multiple Listing Service) and homes sold by their owners (FSBO). Most property for sale, including Farmington CT foreclosed and bank owned homes, is listed in the MLS.

Home Inspection

Once you have found the property and successfully negotiated a purchase and sales agreement, you will probably contract for a home inspection. This will give you more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:

1. Evaluate the physical condition: structure, construction, and mechanical systems;
2. Identify items that need to be repaired or replaced; and
3. Estimate the remaining useful life of the major systems, equipment, structure, and finishes

Title and Closing

Title companies or attorneys will research the title to make sure both the lender and the buyer is protected and has "clear title" to the property. Prior to the actual closing, most buyers schedule a final walk-through with their agent to inspect the property. Once the closing is complete buyers can now occupy their new home.

Visit Virtual Homes real estate to visit cities and towns to obtain home buying information. Visit Rhode Island real estate, MA real estate and NY real estate for information about communities, homes and condominiums.

WESTFARMS MALL

FARMINGTON CT

Sunday, October 25th 2009 from 1:00pm to 4:00pm

I just found out about this event, and I hope it is not too late to get this out there for people to participate.

SHOP-OR-TREAT

For parents with children that live near the WestFarms Mall (on the Newington/Farmington) line in Connecticut. This mall is opening their doors to all children for a new twist on "trick-or-treat".

This is being hosted by Damon Scott of 96.5 TIC-FM and Mike Stacy, of 100.5 WRCH-FM.

Bring your little globin in a costume (please leave masks behind) to the ultimate Halloween celebration... over 100 retailers are participating in this event.

You can also learn how to make gooey slime and sweet cotton candy. There will also be pumpkin decorating and face painting.

There will even be a give away, where you can enter to win a vaction trip for 2 to Austin, Texas to see Chris Daughtry live in concert. (Contest rules will be at customer service)

The winner will be announced at 4:00pm on Sunday, October 25th, 2009 after the event is over.

So if you have time today with your little ones, stop by and have a safe Halloween celebration.

HAPPY HALLOWEEN!!!

FOR ACCURATE INFORMATION ON REAL ESTATE.. CONTACT YOUR LOCAL AGENT

Info about the author:

Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, which includes Cromwell, Rocky Hill, Berlin, Middletown, Wethersfield, Newington, as well as all other surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.

For real estate... all you need to know, is VALERIEO

If you're thinking about buying a home in Cromwell CT there are plenty of great buys in today's market. There is no better time than now to take advantage of these homes while interest rates remain at an all time low. For more information on Cromwell CT real estate's homes and/or condos please visit Johnson Real Estate to access the newest listings.

Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.883.8889 cell- valerierealtor@sbcglobal.net.

Copyright © 2009 By Valerie Osterhoudt, ABR, All Rights Reserved...*SHOP OR TREAT... SOMETHING NEW FOR HALLOWEEN*